How much is Tata Motors offering for Iveco shares?

€14.10 per share in cash (cum dividend) through a voluntary tender offer.

When does the Iveco tender offer end?

The acceptance period ends on October 26, 2026 at 5:30 p.m. CET, unless extended, with payment on October 30.

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Iveco Group (IVG) is the target of a €14.10 cash tender offer from Tata Motors

Terms checked against SEC filings on 2026-10-12 · checking for newer filings…

Offer€14.10cash per share, cum dividend

Market price—loading…

Spread—gap to the offer

Acceptance period endsOct 265:30 p.m. CET · unless extended

Payment (if completed)Oct 30for shares tendered in the period

Largest holderExor ~27%irrevocably committed to tender

In one paragraph

A subsidiary of Tata Motors (TML CV Holdings) is making a voluntary public tender offer for all Iveco Group shares at €14.10 in cash per share (“cum dividend”), valuing the company at about €3.8 billion. Italy's market regulator Consob approved the offer document on September 3, 2026, and the acceptance period runs from September 7 to October 26, 2026 (5:30 p.m. CET), unless extended. Iveco's board supports the offer and its largest shareholder, Exor (about 27% of the shares), has irrevocably committed to tender. In parallel, Iveco's defence business is being separated (a sale to Leonardo or a spin-off), and that separation is a condition of the offer.

What can an Iveco shareholder do?

1. Tender your shares

Give the instruction to your intermediary (bank or broker) within the acceptance period. Intermediaries set their own earlier deadline. If the offer completes, tendered shares are expected to be paid on October 30, 2026.

2. Sell on the market

You get today's market price. If it is above €14.10, the market is pricing something beyond the offer (for example hopes of a higher bid), so the gap on this page can be negative.

3. Wait for the reopening or later steps

If the legal requirements are met, the acceptance period may be reopened for five trading days (Nov 2–6), with payment on Nov 13. The offer document also describes what happens to shares that are not tendered.

This is general information, not advice. Taxes: a cash buyout is generally treated like a sale of your shares; check your own situation.

What “cum dividend” means

The €14.10 is described as cum dividend: it includes any dividend. In offers like this, if the company pays a dividend before the offer is settled, the price is normally reduced by that amount. The exact rule is in the offer document.

Conditions to watch

Minimum acceptance: according to law-firm and press summaries, 95% of the common shares, reduced to 80% if shareholders adopt a “back-end” resolution at an extraordinary meeting reported for October 16, 2026. The offer document has the exact wording.
Separation of the defence business (sale to Leonardo at an enterprise value of about €1.7 billion, or a spin-off).
Regulatory clearances: the companies have reported that the required competition, foreign-investment and other clearances were obtained.

What could go wrong?

Reaching the acceptance level. If the minimum is not met and not waived, the offer would not complete.
Price above the offer. A market price above €14.10 means the market expects more than the offer; if that does not happen, the price can fall back toward the offer.
Extensions. The period can be extended, which delays payment.

Timeline

Jul 2025 Tata Motors announces the recommended offer and the sale of Iveco's defence business.
Sep 3, 2026 Consob approves the offer document (resolution 24119).
Sep 7 Acceptance period opens (8:30 a.m. CET).
Oct 16 Extraordinary shareholder meeting reported for the offer-related resolutions.
Oct 26 Acceptance period ends (5:30 p.m. CET), unless extended.
Oct 30 Payment date for shares tendered in the period.
Nov 2–6 Possible reopening (5 trading days); payment Nov 13.

Frequently asked questions

Is €14.10 the final price?: It is the offer price in the filings reported here. Check Iveco's and Tata Motors' announcements for any change.
Do I have to do anything?: Only if you want to tender: instruct your intermediary before its deadline. If you do nothing, your shares stay in your account.
Can the offer be withdrawn?: Only under the conditions in the offer document, such as a condition not being met.
Where are the official terms?: In the offer document approved by Consob and the issuer's statement. They prevail over this page. This guide relies on company press releases and law-firm summaries, not the full offer document.

Sources

Not investment advice

Merger Spreads is an information service. Prices can be delayed; deal terms are checked by hand against public filings and can change. Always read the filings and talk to your broker before acting.

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